BTC/USD Falls 0.81% to 16,890 Support

On Dec 4, 2022

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The Bitcoin price prediction sees a 0.81% decline over the past few hours as the cryptocurrency fails at $17,158 and heads lower.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $16,955
Bitcoin market cap – $326.1 billion
Bitcoin circulating supply – 19.2 million
Bitcoin total supply – 19.2 million
Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $20,000, $22,000, $24,000

Support Levels: $15,000, $13,000, $11,000

BTC/USD loses its momentum after touching key resistance above $17,100. As of writing, the king coin is down 0.81% on the day at $16,955 facing the 9-day and 21-day moving averages. Meanwhile, Bitcoin may struggle to close above $17,000, and if it does, it should be free to rise well above $18,000 if it moves toward the upper boundary of the channel.

Bitcoin Price Prediction: Can Bitcoin Price Trade Above $18,000?

After a slightly positive move above $17,000, the Bitcoin price could slide below the 9-day and 21-day moving averages. Over the past few days, the king coin has been struggling to remain above the moving averages. In today’s session, the Bitcoin price attempted to push higher, but the sellers stepped into the market to bring the market price lower to touch the daily low of $16,890.

Moreover, if the coin moves lower, the $16,500 may serve as the nearest support level, which may likely make room for the coin to fall further to hit the supports at $15,000, $13,000, and $11,000. The Relative Strength Index (14) remains below the 50- level, which could follow the downward movement. On the contrary, BTC/USD may likely face the upper boundary of the channel to hit the resistance levels of $20,000, $22,000, and $24,000.

BTC/USD Medium-term Trend: Bearish (4H Chart)

On the 4-Hour chart, the BTC price hovers around $16,953 and may likely cross above the 9-day and 21-day moving averages. However, if the bulls gather enough strength, the upward movement may be near the resistance level of $17,500 and above.

BTCUSD – 4-Hour Chart

On the downside, immediate support could be located around the $16,700 level while critical support is at $16,500 and below. Therefore, the Bitcoin price may likely fall towards the lower boundary of the channel if the bears put more pressure on the market, Moreover, the Relative Strength Index (14) keeps moving below the 60-level, suggesting a sideways movement.

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